On Tuesday, Asia-Pacific shares traded red as concerns about inflation hiked amid the increase of energy costs.
Accordingly, Chinese stocks slumped as reports suggested that the local government widens the scrutiny on private industries.
The Shanghai Composite index sharply plummeted 1.52% or 54.72 points to $3,536.99 per share.
Its worst performer, Guangdong Jia Yuan Co., a copper foil manufacturer, declined 10.22% or 2.34 points to $20.54 per share.
Consequently, Guodian Nanjing Automation Co. lost 9.06% or 0.15 points to $1.43 per share.
Then, the benchmark Shenzhen Component plunged 1.58% or 241.96 points to $14,119.58 per share.
Subsequently, tech companies sank to the bottom of the index.
For instance, Beijing New Universal tumbled 12.70% or 0.37 points to $2.51 per share.
At the same time, Beijing Forever sank 12.21% or 1.89 points to $1.65 per share.
Correspondingly, Hong Kong’s Hang Seng index curtailed 1.35% or 342.21 points to $24,982.88 per share.
Ping An Insurance, one of the largest insurers in China, slipped 4.09% or 0.31 points to $7.38 per share.
Also, Sunny, a leading optical manufacturer, diminished 3.97% or 1.03 points to $24.88 per share.
Remarkably, the e-commerce giant Alibaba weakened 2.92% or 0.63 points to $20.94 per share.
In addition, Tencent Holdings, popular with its online gaming platforms, decreased 2.26% or 1.44 to $62.05 per share.
Elsewhere, South Korea’s Kospi stumbled 1.21% or 35.77 points to $2,920.53 per share.
In India, the Nifty 50 index edged down 0.06% or $10.10 points to $17,936.85 per share.
Nikkei 225 Sank as Asia-Pacific Shares Fell
Furthermore, Japan’s Nikkei 225 index slashed 0.75% or 214.19 points to $28,284.01 per share.
Accordingly, J.Front Retailing Co., which mainly conducts department store business, dwindled 5.03% or 0.46 or $9.02 per share.
Likewise, Yaskawa Electric Corp. narrowed 4.04% or 1.77 points to $42.95 per share.
Moreover, the TOPIX index slumped 0.57% or 11.46 points to $1,985.12 per share.
In Australia, the S&P/ASX 200 index trimmed 0.26% or 19.10 points to $7,280.70 per share.
Similarly, New Zealand’s S&P/NZX 50 index diminished 0.18% or 23.11 points to $12,996.26 per share.
Overall, the MSCI’s broadest index of Asia-Pacific shares outside Japan dropped 1.18% or 7.58 points to $634.47 per share.